Multiple choice: 1. Which of the following statements regarding accounting is incorrect? A. All business transactions and events are recorded in the accounting books. B. Although bookkeeping and accounting are interrelated, they are not the same. C. A transaction or event is recorded in the accounting records only if it has an effect on the assets, liabilities, equity, income or expenses of the business. D. The purpose of accounting is to provide information that is useful in making economic decisions. 2. Sales revenue minus sales returns and allowances and sales discounts equals: A. Net sales B. Income from operations C. Gross margin D. Cost of goods sold
Multiple choice: 1. Which of the following statements regarding accounting is incorrect? A. All business transactions and events are recorded in the accounting books. B. Although bookkeeping and accounting are interrelated, they are not the same. C. A transaction or event is recorded in the accounting records only if it has an effect on the assets, liabilities, equity, income or expenses of the business. D. The purpose of accounting is to provide information that is useful in making economic decisions. 2. Sales revenue minus sales returns and allowances and sales discounts equals: A. Net sales B. Income from operations C. Gross margin D. Cost of goods sold
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 10MC: Which of the following is the principle that a business must report any business activities that...
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Multiple choice:
1. Which of the following statements regarding accounting is incorrect?
A. All business transactions and events are recorded in the accounting books.
B. Although bookkeeping and accounting are interrelated, they are not the same.
C. A transaction or event is recorded in the accounting records only if it has an effect on the assets, liabilities, equity, income or expenses of the business.
D. The purpose of accounting is to provide information that is useful in making economic decisions.
2. Sales revenue minus sales returns and allowances and sales discounts equals:
A. Net sales
B. Income from operations
C. Gross margin
D. Cost of goods sold
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